Gold Inches Higher Wednesday, Aug. 4

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Precious metals split Wednesday with gains and losses. Gold and palladium rose modestly, silver fell slightly, and platinum dropped sharply.

Gold for December delivery ticked up 40 cents, or 0.02%, to settle at $1,814.50 an ounce on the Comex division of the New York Mercantile Exchange.

Gold "has rebounded after testing the $1,810 support level for the past two days and it looks poised to break resistance around $1830 next as it continues to make bullish price action on the intraday charts," said Fawad Razaqzada, analyst at ThinkMarkets, in a note reported by MarketWatch.

Gold futures ranged from a low of $1,808.30 to a high of $1,835.90. They lost 0.4% on Tuesday and they rose 0.3% on Monday.

Silver for September delivery declined 12.1 cents, or 0.5%, to settle at $25.461 an ounce. Silver futures traded between $25.37 and $26.09. They inched up 0.03% on Tuesday and they edged 0.1% ahead on Monday.

In PGM futures prices Wednesday:

  • October platinum fell $25.60, or 2.5%, to $1,021.30 an ounce, ranging from $1,016.60 to $1,052.

  • Palladium for September delivery rose $6.40, or 0.2%, to $2,651.70 an ounce, trading between $2,644 and $2,680.

US Mint Bullion Sales in 2021

Published U.S. Mint bullion sales increased Wednesday by 2,500 ounces in American Gold Eagles and by 3,000 ounces in American Gold Buffalos.

Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.

US Mint Bullion Sales (# of coins)
Wednesday Last Week This Week / August May June July 2021 Sales
$50 American Eagle 1 Oz Gold Coin 2,500 6,000 15,500 20,500 158,000 49,500 649,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 0 15,000 10,000 56,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 0 30,000 0 86,000
$5 American Eagle 1/10 Oz Gold Coin 0 40,000 15,000 0 90,000 40,000 295,000
$50 American Buffalo 1 Oz Gold Coin 3,000 500 3,000 44,000 27,500 14,500 211,000
$1 American Eagle 1 Oz Silver Coin 0 760,000 612,500 0 2,800,000 3,104,000 19,623,000
$100 American Eagle 1 Oz Platinum Coin 0 0 0 40,000 0 0 75,000
Tuskegee Airmen 5 oz Silver Coin 0 0 0 2,900 0 0 52,900

 

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Kaiser Wilhelm

If you ever wondered where all the Mint’s stock of silver goes just take a gander at the monumental sales reports for its Bullion Coinage. Bear in mind that the per coin premium the Mint charges its Authorized Bullion Purchasers is absolutely miniscule compared to the profit it makes off of the numismatic quality coins we buy from there, and yet the Bullion buyers clearly come first, much as do the Bulk Purchasers who cut ahead of us for the collector grade coins. What a heluva way to run a railroad, but above and beyond all else, what a racket!